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- Chainlink has its first ever staking pool draw in 24.27 Million tokens worth around $170 Million
- Technical indicators of LINK are favoring consolidation. LINK/BTC pair is down by more than 0.38%
Chainlink is a blockchain abstraction layer which enables universally enabled smart contracts. They are driven by large open source community of data providers, node operators and many more. Recently Chainlink has a staking pool withdraw in for 24.27 Million worth around $170 Million. As per a Chainlink blog post stakers will earn rewards by helping to secure the Data feed by participating in the decentralized altering systems which flags if the data feed has not met certain performance needs. LINK crypto price has seen a fall of over 88% from its all time high. Various analysts are expecting a strong rise in LINK in future.
Chainlink is currently ranked 21st in the cryptoverse and has a market cap of over $2.8 Billion. Volume of the asset price has seen an increase of over 38% in intraday session. Volume to market cap ratio of LINK suggests a consolidated trend in price.
Technical Indicators Are Not In Favor Of LINK Bulls
Chainlink price has been in a downside trajectory for a quite some time. The weekly technical chart of Chainlink suggests a consolidated trend in price. On coming to the daily chart it is trading near the value of $5.649 with a drop of 0.65%. The upside trend of LINK can see a halt near $10. Meanwhile a bounceback can be seen near $3. It is currently trading below the 50 and 100 DMA. If it sees a positive crossover then a strong upside can be seen.
MACD of the LINK price is currently in bearish zone. Bars of the MACD has started to form green bars. The overall sentiment of MACD is neutral
Conclusion
Chainlink has been in a consolidated downtrend for a long time. It has recently seen a staking pool withdraw which can push the price low. Chainlink may see a strong momentum in future.
Technical Levels
Major Support:$3
Major Resistance: $8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
